Taokaenoi Food and Marketing PCL, a Thailand-based producer and distributor of processed seaweed under the “Taokaenoi” brand, has submitted the first filing to the Office of Securities and Exchange Commission to raise funds from selling 80 million shares through an initial public offering (IPO).
Of the total 80 million shares, the company will offer 45 million additional shares and the existing shareholders will offer to sell 35 million shares. However, it has not revealed how much it expects to raise from IPO.
It has appointed Asia Plus Securities to be its financial advisor for the IPO and plans to list in the Stock Exchange of Thailand (SET) this year.
According to its filing, the funds raised from the IPO will be used to expand the production capacity at a new factory in Rojana Industrial Estate as well as invest in new machines to add more production lines. The remaining will be kept as working capital.
The company’s registered capital is worth 300 million baht, of which 255 million baht has been paid up and divided into 255 million shares at the par value of 1 baht apiece.
After IPO, the paid-up registered capital will increase to 300 million baht, divided into 300 million ordinary shares at the par value of 1 baht.
As of the end of 2014, the company had total asset of 1.28 billion baht, total debt of 924.12 million baht and total equity of 352.58 million baht. It recorded total revenue of 2.73 billion baht and the net profit of 19.58 million baht.
Itthipat Peeradechapun, the founder and major shareholder of Taokaenoi, currently holds 45.29 per cent stake. This will be lowered to 30.33 per cent after the IPO. Meanwhile, the second largest shareholder, Peeradechapun Holding, holds 35.29 per cent, which will dilute to 30 per cent after IPO.
It states in the filing that it has a policy to pay the dividend by 40 per cent of the net profit.
View original article at: Thai seaweed producer Taokaenoi plans listing in SET